The Speaker of the House of Representatives, Tajudeen Abbas, has raised concerns about Nigeria’s Value Added Tax (VAT) collection, describing it as the lowest among African countries. Attributing this to significant inefficiencies in the nation’s tax system, Abbas emphasized the need for reform to bolster revenue generation and stabilize the economy.
Speaking at a two-day retreat for House members in Abuja, organized in collaboration with the Federal Inland Revenue Service and the Konrad Adenauer-Stiftung Foundation, Abbas outlined legislative priorities aimed at economic transformation and development. He highlighted tax reforms, modernization, and the review of the Petroleum Industry Reform Act (2021) as key areas of focus for the House.
Addressing the theme, “Navigating change: Legislative strategies for economic transformation,” Abbas underscored the urgency of enhancing Nigeria’s tax efficiency and revenue diversification. He emphasized the risks associated with overreliance on volatile oil revenues and the imperative of fiscal stability for sustainable economic growth.
Expressing optimism about the retreat’s timing amid the government’s efforts to drive economic recovery and development, Abbas underscored the importance of policy initiatives aimed at steering Nigeria towards long-term growth and stability. He emphasized the role of legislative support in complementing government efforts to address economic challenges and promote fiscal sustainability.